VULLI : revenue, balance sheet and financial ratios

In 2024, VULLI achieves revenue of 28.7 M€. Revenue is growing positively over 10 years (CAGR: +0.1%). Slight decline of -1% vs 2023. After deducting consumption (10.8 M€), gross margin stands at 17.9 M€, i.e. a rate of 62%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.5 M€, representing 15.7% of revenue. Positive scissor effect: EBITDA margin improves by +2.6 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 810 k€, i.e. 2.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 62%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 254.59. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 1.3x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 125 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 99 days. The company must finance 26 days of gap between collections and payments. Inventory turnover is 108 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 230 days of revenue, i.e. 18.4 M€ to permanently finance. Over 2015-2024, WCR increased by +41%, requiring additional financing.

Based on 101 transactions of similar company sales (all years), the value of VULLI is estimated at 8 223 224 € (range 2 690 498€ - 15 213 843€). With an EBITDA of 4 522 793€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.24x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.